Upcoming business trends for SME and MSME

Success World
Prateek Agarwal, Business Coach and Founder, Success World

Style of working has already modernized and reached new heights. Unfortunately, this current pandemic has changed the whole scenario of working drastically that one could imagine in this situation. Change is not just in the way of working style but there also been a change in the style of doing MSME especially for MSME and SME’s. The main reason anticipated for this change is the global outbreak of the pandemic. There has been a major shift from office culture to work from home culture; companies are using more and more avenues of technology. MSME is one of the largest employment generating sectors in India with over 6.3 enterprises that provide opportunities to over approximately 110 million people across the country. Both MSME and SME will be witnessing a change in trends in terms of their working patterns and other business aspects. Following mentioned are a few of them.

1) Adaption of Social Media

This is the most attractive trend rapidly developing for every small, medium and large business. Facebook and Instagram are doing wonders currently as they are the platforms with maximum reach and a large number of users. They are also one of the important sources of entertainment. SME and MSME’s are using these platforms to enhance their reach by showcasing the products, creating a brand image and through advertisements. It even helps them to keep a track of the audience which is getting on their platforms and easily categorize them. None of us can exactly predict that as to how long will the current situation prevail, thus the MSME’s should work moreover digital platforms rather than using physical means of selling and marketing as people are more and more inclined towards adopting new technologies as it not only saves their money but also help them save their resources and energy. With the help of new and advanced technologies, it is easy to reach out to potential and loyal customers.

2) Team Building

Work from home is the new trend, for which a great team, a good coordination’s and good teamwork is mandatory in order to achieve the set goals. Having a well-coordinated team is a must for all kinds of businesses. Building a strong team is not that easy as it may sound. The organizational culture built on basis of trust, learning and empowerment is the best possible way out to build a strong and successful team is capable of bringing innovations to the team and for the business as well. A good team has a good leader under whose guidance the team grows and develops. There are also plenty of opportunities for new avenue learning and rewards for brushing up your skills with new modern ways and means. Working with fun activities in a peaceful environment can actually ease the stress level while most people are facing double stress of work and home both even if one is working eventually. It helps employees to understand each other in a better way which would further enhance the performance and boost their work.

3) Diversification

One of the most important focus areas for MSME and SME is diversification in terms of products and services which will further help them to increase the customer reach as they have more and more customer’s demands for products or services. Diversification is the need of the hour as people now prefer a one-stop solution for their requirements as a product or a service. Diversification helps to increase the net worth of the business as it attracts more and more customers under one aegis. Diversifying with similar products or services and selling them to a familiar customer base is less risky than creating a product for a completely new market. One needs to constantly keep an eye on our Bottom line and make decisions based on it.

4) Use of Technology (Digital Tools and Softwares)

Before the corona pandemic, the office culture work culture was entirely different as compared to the present situation. Earlier the things were running in the offline markets and there was work culture with a daily routine of meetings & conferences. Currently, most MSME and SME’s have adopted the work from a home model and have to immediately work on short term priorities without losing track of sustainable long term solutions. With the changing trends, they have to modernize the structure of their business which has led the companies to collaborate and adopt varied technologies like chat-bots, artificial technologies, VR, digital walkthrough and many other technologies to revolutionize the style of work in accordance to the current situation. Adopting new technology is not a hard task to perform, the real challenge is to adopt the right technology and implement it in the right way and at the right place and at the right time in business. Once the entrepreneur knows what the best technology is for him and the best way to implement it, it would be a boon for the business taking it to the next level. MSME and SME’s scale come from reaching a wider range of customer base, with a large range of products and services. Digital technologies can act as a great catalyst for the growth of businesses. Increasingly, companies need to think about both the physical products/services and their digital presence. In fact, we should think that we’re living in two divided world-first where the value is created and secondly the digital world which enhances and enables the value creation.

(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of HelloPost.)

Contributed by Prateek Agarwal, Business Coach and Founder of Success World. It offers all sorts of scientific tools that can help businesses to grow and spread the wings in small cities where technology and tools still take a back seat in the world of business development and expansion.

HelloPost Team

HelloPost Team takes an opportunity to help your business adapt and succeed in the changing marketplace. We are committed to sharing perspectives, insights, analysis, and trends that challenge and inform others within the industry.

1 Comment

  • ICSB RECOMMENDATION: MSMEs should make the SDGs a prominent selling point to demonstrate why consumers should buy from them. If a consumer sees an MSME engaged in the SDGs, they will further support it. Like buying organic or recycling, MSMEs should allow consumers to contribute to a sustainable world.  Educators, policy-makers, and consultants should educate, encourage, and assist MSMEs to develop the framework for this new operating model. Governments should provide incentives encouraging the rapid deployment of the SDGs, the return to their economies and societies is tangible and impactful.

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